Authorities in Ukraine this week detained five individuals believed to be the masterminds behind sophisticated cyber thefts that siphoned $70 million – out of an attempted $220 million — from hundreds of U.S.-based small to mid-sized businesses over the last 18 months, the FBI said Friday.

At a press briefing on “Operation Trident Breach,” FBI officials described the Ukrainian suspects as the “coders and exploiters” behind a series of online banking heists that have led to an increasing number of disputes and lawsuits between U.S. banks and the victim businesses that are usually left holding the bag.

This is an excellent article by Brian Krebs detailing the latest in a series of arrests related to electronic funds transfer fraud.

No business should be using the “general purpose” computer for electronic funds transfer transactions. As I said in my last post, either use a dedicated computer or an encrypted bootable USB stick like the one we offer from Becrypt.